A permit to demolish the former Post Bulletin building at 18 First Avenue S.E. was filed with the city on Tuesday. Jared Penz of Elcor Construction filed for the demolition on behalf of Rochester-based owner PB Rochester Investments LLC. The permit estimates the value of the demolition project at $824,000.
Work is still underway at the site to address environmental issues. The hope is to start demolition of the 100,000 square foot building by the end of May.
There’s still no word on plans for the site once the buildings are cleared off the high-profile block near the Mayo Civic Center.
An element of mystery has surrounded the longtime home of Rochester’s newspaper, since PB Rochester Investments purchased it for $10.5 million on Sept. 12.
The person or persons behind the purchase have gone to great lengths to obscure their identity or identities. The firm is based in the Dunlap & Seeger law office, with Rochester attorney Hilary R. Stonelake-Curtis as the acting president of PB Rochester Investments.
People directly involved in the deal were required to sign nondisclosure agreements to keep to the details private.
However, unconfirmed reports suggest Rochester developer, real estate investor and car collector Dan Penz is the man behind PB Rochester Investments. Penz has declined to confirm or deny that.
Olmsted County property records seem to support the theory of Penz as the owner.
The Rochester address listed for PB Rochester Investments is Suite 101 at 1530 Greenview Dr. SW. That’s an address used by Elcor Construction on many of its public documents. Penz owns Elcor. However, Elcor most often lists 123 Carlton St. SW as its headquarters.
No matter who owns it or what comes next, Elcor has been busy preparing the cavernous complex for demolition.
In October, the Post Bulletin’s news, circulation and advertising employees moved out of the downtown complex where they had operated for 63 years. The PB staff moved to the second floor of the Think Bank building at 1698 Greenview Dr. SW.
The name game sometimes brings the past and present into conflict.
There’s some buzz out there that a prominent Med City commercial complex will be putting up new signs with a new name soon.
The twist on this change is that the new name may hearken back to the building’s former name, which many longtime Rochesterites still use despite a branding change in 2007.
I’ll continue to shop for a definitive word on this possible change, so stay tuned.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in Heard on the Street. Send tips to email@example.com or via Twitter to @whereskiger. You can call him at 507-285-7798.